The global mobile money market revenue was around US$ 8.5 billion in 2022 and is estimated to reach US$ 95.2 billion by 2031, growing at a compound annual growth rate (CAGR) of 30.8% during the forecast period from 2023 to 2031.
Mobile money refers to economic services and transactions that can be carried out utilizing a mobile device such as a tablet or mobile phone. These services may connect directly to a bank account. Additionally, mobile money allows for the money transfer between cell phone devices.
Market Driving Factors
The surge in the usage of digital payment-based business models such as Unified Payments Interface (UPI), mobile wallets, and card payments is estimated to propel the market growth. Additionally, the integration of such facilities with the banking process aids in advancing their visualization abilities, resolving consumer queries, and creating data usable. Furthermore, these technologies assist in raising connectivity and offering cutting-edge security methods in financial & bank institutions.
The surge in adoption of mobile point of sale (POS) is expected to boost the market. Mobile point of sale has significantly improved mobile phones’ capability to collect payment. Additionally, all businesses can conduct in-person and mortar and brick transactions with the aid of mobile point-of-sale (mPOS) technology. Furthermore, using mPOS devices lowers liability since they decrease the risk of security breaches and make following needs faster and easier. The mPOS gadget does not save details such as card numbers, and transaction information which are encrypted.
An increase in government initiatives and regulatory support drives the market. Governments and regulatory bodies have been actively encouraging digital payments as part of their financial inclusion agendas. Initiatives such as demonetization, facilitating digital wallets, and establishing regulatory frameworks for digital payments have accelerated usage and adoption.
Insufficient knowledge among banks regarding the sharing of account details and private information on the Internet impedes market expansion.
Regional Analysis
North America dominated the market in terms of the highest rate and is estimated to maintain its dominance over the forecast period. Multiple advanced market leaders, such as PayPal Holdings Inc. and Microsoft Corporation are based in this region. Furthermore, a high rate of internet use, the growth of online payment, e-commerce, and micropayment options have all contributed to boosting the market growth.
Asia-Pacific is expected to witness a substantial growth rate during the projection period. This is due to the increasing adoption of smart appliances like smartphones. In addition, the expansion of the mobile money industry in this region is supported by increasing government initiatives as well as surging initiatives from mobile companies providing fast internet service.
Segmentation Insights
Payment Type Insight
The proximity payment segment is estimated to dominate the market in terms of the highest rate. Proximity payments are carried out utilizing mobile phones and point of sale (POS) devices. Furthermore, various companies provide applications that allow proximity payments.
Application Insight
The bill payments segment dominates the market in terms of the highest rate. Mobile money platforms have been a standard alternative for consumers due to their ease, particularly in emerging nations. The surge in the use of mobile money services, allows users to pay bills fast and securely. Moreover, partnerships between mobile money service providers and utility companies have facilitated consumer access to and payment of bills through mobile money platforms. Thus, this factor increases revenue in the market.
The money transfers segment is estimated to dominate the market in terms of the highest share during the projection period. This segment includes international remittances, cash-out/cash-in, and off-net transfers. These transactions are often utilized by people living in foreign nations or people dealing in real estate. Moreover, high real estate prices and a large number of individuals from developing nations living abroad in developed nations are the main reasons for the high use of money transfer applications.
Prominent Companies
Segmentation Outline
The global mobile money market segmentation focuses on the Payment Type, Nature of Payment, Application, and Region.
By Payment Type
By Nature of Payment
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL MOBILE MONEY MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: MOBILE MONEY MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL MOBILE MONEY MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL MOBILE MONEY MARKET, BY PAYMENT TYPE
5.1 OVERVIEW
5.2 REMOTE PAYMENT
5.3 PROXIMITY PAYMENT
6 GLOBAL MOBILE MONEY MARKET, BY NATURE OF PAYMENT
6.1 OVERVIEW
6.2 PERSON TO PERSON (P2P)
6.3 PERSON TO BUSINESS (P2B)
6.4 BUSINESS TO PERSON (B2P)
6.5 BUSINESS TO BUSINESS (B2B)
7 GLOBAL MOBILE MONEY MARKET, BY APPLICATION
7.1 OVERVIEW
7.2 MONEY TRANSFERS
7.3 BILL PAYMENTS
7.4 AIRTIME TRANSFERS AND TOP-UPS
7.5 TRAVEL AND TICKETING
7.6 MERCHANDISE AND COUPONS
8 GLOBAL MOBILE MONEY MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL MOBILE MONEY MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 ORANGE
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 GOOGLE INC
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 FISERV INC
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 GLOBAL PAYMENTS INC
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 MASTERCARD INC
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 APPLE INC
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 PAYPAL
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 VODAFONE GROUP
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 ALIPAY
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 AMAZON
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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